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Nigeria's Naira Advances to Three-Month High on Dollar Sales:
An exchange rate is also referred to as a foreign exchange rate or a forex rate. It provides a definition for the various rate of currency exchange between two or more countries. The foreign exchange market provides a medium where the exchange of different currencies actually takes place. This involves the act of buying and selling of currencies which is a 24 hr process except during the weekends. Exchange rates are known to be influenced by various factors which on the other hand affect the level of economic health of a country (Onu, 2012).
The various forces behind the movement of the exchange rates involves the differences in inflation between the two countries involved, differences in the rates of interest between countries, the level of public debt, the existing levels of public deficit, the economic performance and the political stability of a country, and the existing terms of trade within a country. Looking at the article being analyzed, there ...
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